Connect with us

Business

JUST IN: NUPENG, LASG in discussion over towing issues- Official

Published

on

NUPENG 1062x598 1
785 Views

The National Union of Petroleum and Natural Gas Workers (NUPENG) says it is engaging the Lagos State Government to resolve the ongoing issue of towed trucks.

It said that the negotiation aims to prevent disruptions in fuel distribution, which could lead to widespread scarcity.

In an interview on Tuesday in Lagos, General Secretary, NUPENG, Mr Olawale Afolabi, explained that the union had withdrawn its services in response to the recent attacks and arrests of tanker drivers by security personnel from the Lagos State Government.

Afolabi reassured that the situation would be resolved with the state authorities and that the towed trucks would be released to the union as promised by the government.

On Feb. 22, the Lagos State Task Force towed away several trucks and arrested several members of the Petroleum Tanker Drivers (PTD) Association, a branch of NUPENG, near the Dangote Refinery in Ibeju-Lekki for parking on the highways.

Afolabi added that a meeting is ongoing between NUPENG and the Lagos State Government, with both parties hopeful of reaching an agreement that will enable depot operations to resume.

He, however, said that the outcome of these talks remains uncertain, and stakeholders are eagerly awaiting further updates.

Similarly, Mr Tayo Aboyeji, the Chairman of NUPENG, Lagos branch, confirmed that the service withdrawal was in response to the mistreatment and arrest of tanker drivers by security personnel.

He clarified that the union had previously instructed drivers not to operate at night to avoid accidents and hijackings.

He said that in spite of this, drivers who stopped to rest were reportedly targeted by security officers.

“We had instructed tanker drivers not to travel at night to avoid accidents and hijackings.

“But when drivers parked to rest, security personnel towed their vehicles, arrested our members, and even damaged the union’s patrol vehicle,” Aboyeji said.

He added, “As a result, we decided to suspend services in the state until the government is ready to provide a safe and convenient space for tanker drivers, ensuring that such incidents do not occur again.”

Aboyeji assured that the national leadership of the union is in talks with the state government and that the matter would be resolved once discussions are concluded.

“There are ongoing discussions, and if they are completed today or tomorrow, the issue will be resolved,” he stated.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

on

By

naira dollar 860x645 2
133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Continue Reading

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

on

By

NNPC LOGO 575x400 1
172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.

Continue Reading

Business

Naira Exchange Rates Wednesday, 4 Nov 2026

Published

on

By

Naira to dollar
187 Views

BLACK/PARALLEL MARKET RATES

1390DOLLAR (US

₦1835POUND (GBP)

₦1510EURO (EUR

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 West African CFA F.(XOF)

₦2200 Central African CFA F.(XAF)

₦850 Australian Dollar AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.93

POUND (GBP)₦1807.72

EURO (EUR)₦1512.26

SWISS FRANC (CHF)₦1644.21

JAPANESE YEN (JPN)₦8.52

West African CFA FRANC (XOF)₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03

CHINESE YUAN (CNY)₦201.92

SAUDI RIYAL (SAR)₦359.15

SOUTH AFRICAN RAND (ZAR)₦81.37

Continue Reading

Trending